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Question 1 of 10
1. Question
A borrower is reviewing acceptable sources of funds for a down payment and asks which assets may be used based on underwriting guidelines.
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Question 2 of 10
2. Question
A borrower provides checking and savings account statements to document available reserves.
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Question 3 of 10
3. Question
A borrower plans to use funds held in mutual funds and certificates of deposit to satisfy reserve requirements.
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Question 4 of 10
4. Question
A borrower intends to use funds from a retirement account to meet reserve requirements.
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Question 5 of 10
5. Question
A borrower lists the cash value of a life insurance policy as part of the assets available for reserves.
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Question 6 of 10
6. Question
A borrower attempts to include funds from an employer retirement plan that have not yet vested as reserves.
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Question 7 of 10
7. Question
A borrower includes stock held in a privately owned company as reserve funds.
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Question 8 of 10
8. Question
A borrower attempts to use funds from a personal unsecured loan to satisfy reserve requirements.
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Question 9 of 10
9. Question
A borrower attempts to count lender-provided funds toward required reserves.
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Question 10 of 10
10. Question
A borrower completes a cash-out refinance on the subject property and attempts to use the proceeds as reserves.
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